By Joseph Stutzman
Signed into law by President Franklin D. Roosevelt in 1944, the GI bill was designed to provide
free housing to American veterans and their families. Today, more than 25 million veterans are eligible for a VA loan.
To be eligible for a VA loan, a veteran must have served on active duty for at least 90 days during wartime or 181 continuous days during peace time. The veteran cannot have been dishonorably discharged. In addition, the veteran must be purchasing the home for their own personal use (i.e. they must live in the residence).
There is some variability in these requirements. For instance,
veterans who became active after September 7, 1980 or who served as an officer after October 16, 1981 must have served for at least two years before becoming eligible for a VA loan. National guards and reservists must serve for at least six years before meeting eligibility requirements.
Those veterans who are eligible are guaranteed a maximum of 25 percent of a home loan for up to $104,250. This limits the total amount of the home loan to $417,000. In general, all veterans who qualify can borrow the funding fee in addition to either the reasonable value of the property or the purchase price, whichever is the lower amount.
Private lenders such as banks, mortgage companies, or savings and loans companies guarantee
VA loans. This guarantee means that the private lender is protected against a loss in the event that the homeowner does not pay back the loan. This guarantee replaces the down payment that normally serves this purpose. A VA loan does not require any down payment from veterans. This goal is to allow veterans to obtain suitable financing for their housing needs.
Veterans who are interested in learning for about a VA loan should contact their service officer or visit the government's website for more information.
Along with writing, Joseph enjoys gardening. One of his favorite gardening websites is Garden Harvest Supply which offers neptune's harvest fish emulsion and asparagus crowns for sale. - more info at
www.100dayloans.com 
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